Marketing Design and Innovation Essay
Added on -2020-07-22
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Marketing Design andInnovationTask 1
Table of ContentsINTRODUCTION......................................................................................................................3Marketing innovation and strategic competitive advantage...................................................3CONCLUSION..........................................................................................................................5REFERENCES...........................................................................................................................7
INTRODUCTIONMarketing innovation: It refers to developing changes associated with product interms of product design or package, product promotion or pricing through implementation ofa new marketing method. Its main aim is to identify the needs and demands of the customersand develop the product accordingly which directly helps the company to improve their salesand build brand image in consumer's mind (Radford and Bloch, 2011). Using advanced orupdated technology to enhance the features of products and do advertising the productthrough innovative methods which is not previously used by an organisation. The companycan either implement innovative marketing methods or should import from other organisationwho already used these methods.Strategic competitive advantage: It means the business strategies that help inimproving efficiency and capabilities of organisation in order to compete with their rivalcompany. It can be achieved through offering standard quality of product with lower prices oroffering greater benefits and service that makes product expensive. The company can attaincompetitive advantage only when they formulate strategy in order to control cost and makeunique differentiated products than their rival company which helps in maximising the levelof satisfaction of customers more effectively and efficiently (Mariadoss Tansuhaj and Mouri,2011). Its main aim is to build a brand image in competitive market so that they can survivefor loner period.Marketing innovation and strategic competitive advantageMarketing innovation: It is a systematic process of critical changes in product design,its development, promotional and pricing aspects in the market. The main aim of this methodis to sustain its product and services in the longer run. Strategic competitive advantage: This is a significant approach where a company trying tooffer greater value of its customer at the lower cost as compare to its rival firms and gainingadvantage from the market in the longer run (Moon Miller and Kim, 2013). Marketers of this era are clearly aware about the importance of innovation through newproduct development which is highly important for remaining competitive. Innovation affectsdifferent areas of marketing which are as follows: Marketing research: By taking the help of innovation, company can identify the mostsophisticated techniques for identifying and tracking customer behaviour and also, itcan analyse client's related data in the most effective manner (Gupta and Malhotra,2013).
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